Thursday, October 6Inside Business Africa

Selloffs persist as stock investors lose N154b in one day

Following massive selloffs in most bellwethers, the Nigerian equities market yesterday, reopened on a downturn, causing market capitalisation to slump further by N154billion.

Specifically, at the close of trading, the All-Share Index fell by 294.90 absolute points, or 1.05 per cent to close at 27,772.19 points. Similarly, the market capitalisation lost N154billion to close at N14.464trillion.

The downtrend was impacted by losses recorded in large and medium value stocks, amongst which were; Nestle Nigeria, MTN Nigeria, Lafarge Africa, Guaranty Trust Bank, and FBN Holdings.

Reacting to market performance, analysts at Afrinvest Limited, said: “We believe earnings releases will dictate performance this week, however, we are not optimistic about the market.”

United Capital Plc, however, said: “This week, we expect the market to remain half-hearted as seen in the past few weeks as earnings reports failed to sway investors.”

Market breadth closed at par, with 17 gainers and losers. Sovereign Trust Insurance recorded the highest price gain of 10 per cent to close at 22 kobo per share.

Trans Nationwide Express followed with 9.88 per cent to close at 89 kobo, and NPF Micro Finance Bank 9.82 per cent to close at N1.23, per share.

Prestige Assurance rose 9.26 per cent to close at 59 kobo, while Japaul Oil and Maritime Services appreciated 9.09 per cent to close at 24 kobo, per share.

On the other hand, Nestle Nigeria led the losers’ chart by 10 per cent to close at N1,242.00 per share.

Linkage Assurance followed 9.68 per cent to close at 56 kobo, and May and Baker Nigeria fell 6.91 per cent to close at N2.02, per share.
Oando lost 4.17 per cent to close at N3.45, while Jaiz Bank shed 2.90 per cent to close at 69 kobo, per share.

Also, total volume traded fell by 34.1 per cent to 200.16 million shares worth N1.92 billion, traded in 3,487 deals.

Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 35.91 million shares valued at N212.06 million.

Transnational Corporation of Nigeria Plc (Transcorp) followed with 24.63 million shares worth N23.58 million, while Zenith Bank traded 18.57 million shares at N369.05 million.

UAC of Nigeria (UACN) traded 14.16 million shares valued at N120.22 million, and Fidelity Bank transacted 11.73 million shares worth N24.92 million.

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